Chinese Miner Transfers 5,600 Bitcoin Worth $124 Million to Binance

  • 1Thash sent out a total of 2,396 bitcoin on January 17 and 3,336 bitcoin on January 19.
  • The BTC reserve balance for all miners fell to its lowest level in a year, at 1.837 million.

According to blockchain records, a Chinese miner recently transferred roughly 5,600 bitcoin (BTC), valued at almost $124 million, to the Binance cryptocurrency exchange, a move that might be regarded as a preparation to liquidate the holdings.

Earlier this week, analytical company CryptoQuant saw a string of transactions in which Bitcoin miner 1Thash transferred almost all of its bitcoin to Binance. 

Large amounts of Bitcoin (BTC) flowing from miners to exchanges like Binance are seen as a negative indication by the crypto trading community. The current crypto rise may have driven prices to an unsustainable level, particularly considering how the crypto winter has eroded corporate margins.

Largest Outflow From 1Thash in 2 Years

As per CryptoQuant, 1Thash sent out a total of 2,396 bitcoin on January 17 and 3,336 bitcoin on January 19. According to CryptoQuant senior researcher Julio Moreno, 3,336 BTC were delivered straight to Binance on January 19, while 2,396 BTC were split across three wallets before finally making their way to Binance on January 17.

CryptoQuant’s monitoring of 1Thash began in July 2020, hence these two days had the largest outflows in that time frame. Data from CryptoQuant reveals that after 1Thash’s withdrawals, the miner’s BTC reserve balance fell to zero, while the BTC reserve balance for all miners fell to its lowest level in a year, at 1.837 million.

As bitcoin, the leading cryptocurrency by market capitalization surpassed $22,000, 1Thash shifted its Bitcoin holdings to Binance. Most of 1Thash’s mining action occurred between September 2019 and June 2021. Over 4,900 blocks, or nearly all of 1Thash’s total, were mined during that time span.

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